Long-Term Care Insurance

Long-term care insurance is often overlooked by people planning their future retirement needs. However, a study by the U.S. Department of Health and Human Services says that people who reach age 65 will likely have a 40 percent chance of entering a nursing home. About 10 percent of the people who enter a nursing home will stay there five years or more. Because you must be in good health to qualify for a long-term care policy, it's never to early to think about planning in this area.

Long-term care insurance provides benefits in the event of a long-term illness or injury. Owning a quality long-term care insurance policy also provides you with choices in deciding where or how you receive your care. Did you know that many people never enter a nursing home but still receive long-term care benefits while living in their own home? Long-term care coverage can help pay benefits for care that is delivered in your home, in the community, in adult day care centers, in alternate living facilities or in nursing homes.

Nobody ever plans on surrendering a life's worth of assets to pay for nursing home costs. A savings account dwindles quickly at today's nursing home costs and, with the rate of inflation, these long-term care costs will only increase in the future. Jeff at Richard Financial Resources, LLC can help you discover ways in which you can afford long-term care coverage to protect your estate. You may also qualify for tax incentives. In addition, recent changes in Wisconsin tax laws make particular long-term care policies a very wise purchase. Call Jeff today to discover if long-term care coverage is an appropriate choice for you. He would be happy to have this discussion and answer any of your questions.

Medicare and Long-Term Care:

  • Generally, Medicare doesn't pay for long-term care. Medicare pays only for services that are medically necessary in a skilled nursing facility or home health care.

Medicaid and Long-Term Care:

  • Medicaid is a state and federal government program that pays for certain health services and nursing home care for older people with low incomes and limited assets. In most states, Medicaid also pays for some long-term care services at home and in the community. Most often, eligibility is based on your income and personal resources.

Source: www.medicare.gov